Europa Capital sells Paris office tower for €130m

Europa Capital has concluded the sale of the Tour Vista office tower in Paris for a price in excess of €130 mln.

The 22-storey, 15,700 m2 building in Puteaux, close to the French capital’s La Defense business district, was acquired by private UK-based investment group Alduwaliya Asset Management. The price reflects a net initial yield of around 5%.

Europa Capital bought the building two years ago for its pan-European investment fund, Europa Fund IV, from a fund managed by Pramerica. It has since undergone a comprehensive refurbishment and extended the leases of the two main tenants, Eurogroup and Reed Communications.

Nic Fox, partner and head of Europa’s Middle Europe region, said: ‘We are delighted with the result of this transaction, which encompasses all the key elements of Europa's value-add strategy: buying well, executing defined asset management initiatives and selling back into a strong institutional market.'

A spokesman for Alduwaliya, based in London, commented: 'This represents Alduwaliya's first investment in Paris, following earlier acquisitions in London and demonstrates our ability to transact discreetly and efficiently in a competitive environment.'

Alduwaliya was represented by BNP Paribas Real Estate, Dentons and the notary Allez & Associes. Europa Capital was jointly represented by agents CBRE and JLL together with notary Le Breton & Associes.